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450 hospitals respond to skyrocketing medication: cheaper generic drugs

in Education & Healthcare by

Growing concerns of prescription drug shortages and exorbitant pricing led to a collective of hospitals to jump into the generic drug game.

In a recent announcement, 450 hospitals said that they created a nonprofit generic drug company to make cheaper medications to supply the growing needs in health care.

Carolyn M. Clancy, MD, executive in charge, Veterans Health Administration said of this initiative,

“As an organization which must have an affordable and stable supply of generic pharmaceuticals to fulfill its healthcare mission, the Department of Veterans Affairs looks forward to the value this new company will bring to healthcare in the United States and applauds Intermountain Healthcare, Trinity Health, SSM Health, and Ascension for this initiative. Increasing generic drug manufacturing capacity will generate a more stable generic drug supply and will reduce the negative clinical impact of chronic drug shortages, including the impact on our nation’s veterans.”

Sickness is Big Business

With one out of every 10 health care dollars spent goes to prescription medication, pharmaceutical companies bank on disease and illness.

Over the years, prescription medication shortages and price hikes make access difficult for low wealth patients; and even difficult for those with money.

“With drug shortages, it is often a race to see who can find a supply of the drug on shortage and also any alternatives,” said Philip J. Trapskin, who is the program manager of medication use strategy and innovation at UW Health, the University of Wisconsin-Madison’s health system.

While, imported drugs are regulated, domestic medication enjoys much more room to dictate prices. The generic drug company works to consolidate manufacturing to make it easier for patients to access the medicine needed to get and stay healthy.

 

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